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Economy must operate independently of monetary policy, Simor says

Hungary needs to achieve other factors in addition to the Maastricht criteria for adopting the euro, factors that allow the economy sufficient flexibility to operate independently of monetary policy, National Bank of Hungary governor András Simor said at a conference in Vienna on Wednesday.

Joining the eurozone has not become less attractive for European Union members who have still not adopted the common currency, but it has become more complicated, Simor said. Given Hungary's degree of economic integration, it makes sense for the country to join the eurozone, he added.

Nobody ought to be advising countries outside of the eurozone to rush to adopt the single currency, he said.

Hungary needs "buffers" in its fiscal policy and on its labor market, both in the production and services sectors, he added.